GBPJPY – fresh bearish acceleration cracks daily cloud top
The cross was sharply lower on Wednesday and completely reversed gains of past three days.
Fresh weakness from daily Tenkan-sen (150.24) which capped recovery leg on Tuesday cracked strong supports at 148.84/74 (Fibo 61.8% of 146.93/151.94 upleg / top of thick daily cloud) and is on track to complete asymmetric H&S pattern, formed on daily chart (neckline lies at 148.30).
Close below cloud top will be initial bearish signal and extension below the neckline would spark further weakness.
Next supports lay at 147.77 and 146.93 (17 / 09 Nov troughs) with break of the latter to expose daily cloud base at 146.08.
Hesitation at cloud top cannot be ruled out but upside attempts are expected to stay limited, ideally by broken Kijun-sen (149.44) to keep fresh bears in play.
Res: 149.43; 149.82; 150.32; 151.51
Sup: 148.55; 148.30; 147.77; 146.93